Big changes are entrance to Costco subsequent week.
Starting Monday, wholesale-store hulk Costco is switching credit label providers to Citi Visa, finale a 16-year attribute with American Express. For those among a Costco’s 81.3 million members who use credit cards for their purchases, it’s a large deal. If you’re one of them, here’s what we need to know.
When does this happen?
The final day that business can use Costco’s TrueEarnings American Express will be Sunday. On Monday, those cards will no longer work during Costco or anywhere else. With that in mind, business need to make certain they aren’t creation involuntary payments with a AmEx card.
How can we get a new Costco credit card? Do we have to reapply?
If we already have a Costco American Express card, don’t worry about reckoning out how to get a new card. Citi will be mailing out new Citi Visa cards, strictly called a Costco Anywhere Visa Card by Citi, to all Costco members who now have an American Express Costco card.
Costco will not be conducting credit checks of a customers. Also, we won’t have to reapply to get a new card. All your remaining money behind rewards from your Costco Amex will send to your new Citi Visa Costco card. You will continue earning money behind there.
Citi already began a routine of mailing out new cards late final month. The routine will continue.
Is there an annual price for a new Visa card?
Costco includes a cost for a label as partial of your annual $55 Costco membership, so there is no additional price to get a new label and no annual price to use it over your Costco membership.
Will other credit cards– such as from American Express, Discover or MasterCard– work during Costco?
Visa is holding over as a disdainful credit label for Costco, that means all other non-Visa credit cards will no longer work.
That said, we do not need to use a Costco-branded Visa card. Other Visa cards will be accepted. You can also still compensate with cash, checks, withdraw cards, Electronic Benefit Transfer (EBT) and Costco Cash Cards.
Is a new Costco Visa label also my membership card?
The Costco Visa label also doubles as a membership card. If we don’t have a Costco Visa card, we can still use your non-credit label Costco marker card.
What are a advantages for this new Visa card?
Costco says a switch to Visa offers larger advantages compared to what was accessible from American Express.
You’ll get 4% money behind on authorised gasoline purchases, including gas during Costco, for a initial $7,000 in purchases a per year. After channel a threshhold, you’ll get 1% money back. That’s an boost from 3% behind on a initial $4,000 underneath a Amex Costco card.
Restaurant and authorised transport purchases worldwide also get a bump. You’ll get 3% behind on a new label compared to 2% on a aged card. Purchases from Costco and Costco.com will now also get we 2% cash, compared to 1% before.
All this said, there are some disadvantages that come with a new card. For instance, a new label will not offer a roadside assistance hotline. You also have to redeem your cash-back rewards during Costco.
Follow Eli Blumenthal on Twitter @eliblumenthal